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In you are given a pair of equations, one representing a supply curve and the other a demand curve, where p is the per unit price for x items. In each exercise
(a) sketch their graphs on the same set of axes,
(b) identify which is the supply and demand curve and the appropriate domain,
(c) determine the coordinates of market equilibrium,
(d) determine the revenue equation and
(e) determine the revenue at market equilibrium
Plot the corresponding supply curve on the same graph using the following MC / supply function Q = -7909.89 + 79.1P with the same prices.
Alejandro's lawn mowing service is a profit maximizing competitive firm. Alejandro mows lawns for $27 each. His total cost each day y $280, of which $30 is a fixed cost. He mows 10 lawns a day.
Over the one-month period, will total fare revenue increase or decrease? What about the two-year period?
If my income increases by 10%, then quantity of public transportation demanded drops by 5%. I can say that income elasticity of my demand for public transportation is negative and that public transportation is a normal good.
a man wants to decide whether to invest $1000 in a friends venture. he will do so if he thinks he can get his money back in one year. he believes the probabilities of the various outcomes at the end of one year.
How would you run the auction? Do a benefit-cost analysis of the auction relative to how you currently buy or sell.
You recently read a report indicating that about 80 percent of all tourists visit Florida during the winter months in any given year, and that 60 percent of all tourists traveling to Florida by air rent automobiles.
what is the maximum this regulation could cost
What can you infer about the rise in unemployment rates over this period? Was it caused by a net loss in the number of jobs or by a large increase in the number of people seeking jobs?
You are a monopolist selling bowties for dogs. If B is the number of bowties, you have a total cost given by C=(B^2)/2 and a Marginal cost given by MC=B. The market for bowties is characterized by an inverse demand curve of P=90-B.
Suppose that last year, the nominal exchange rate between the Japanese yen and the British pound was ¥225.0 per £1.0, one unit of Japanese output cost ¥2000, and one unit of British output cost £8.0
Did this intervention "correct" the existing market demand?
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